The most evident proof, defining whether prospect research was successful, is finding a relevant prospective donor and landing a gift, measured in a certain dollar amount. In many cases, however, the process of prospect research founded on past in-house data, analyzed (for the first time) with a well-defined set of questions, and accompanied by an external data view, may lead to extraordinary revelations to the organization.
For example, looking at internal data, one college saw 90% of donations came not from alumni, but from outside audiences aligned with the college cause. In another case, data clearly profiled an active donor cohort of seniors interested in the arts. Imagine the practical implications these insights may have on the success of your campaign or project.
Measures of success
“To me, the success of prospect research is certainly connected with financial results, with dollars raised. But it’s also important to remember that we are judged by the company we keep. Expanding our dedicated network is extremely important. As a boutique fundraising shop, we value the network and long-lasting relationships we build.” Mike Reid, Vice-President, Rick Hansen Foundation
Mike Reid’s opinion is broadly shared by the industry experts we interviewed. It is beneficial to summarize the wider measures of successful prospect research, beyond dollars raised.
Based on the research, four definitions of success emerged:
1. Financial contribution.
2. Attracting new Board members/advisors.
3. Expanding the organizational network, leading to strategic relationships.
4. Wider public awareness of your cause.
Based on those areas, fundraising and research teams come to a combination of metric or key performance indicators (KPIs) which reflect both the process and the end result of the prospect research activities.
Download the full report here.
Igor Osipov, PhD, has over 20 years of experience in international research, corporate and university digital transformations, executive leadership, publishing and philanthropy. He is a member of the international research community, chairing and participating in various Boards and working groups across several sectors. He delivers game-based simulations in strategy, project portfolio, risk and stakeholder management to executive MBA students around the world.
Guy Mallabone, MA, founded Global Philanthropic Inc. (Canada) in 2010 and has over 40 years of extensive fundraising experience. He consults with many non-profit agencies and organizations in Canada and internationally. He has been recognized by both Edmonton and Calgary AFP Chapters as Fundraising Executive of the Year and recognized by Alberta Venture Magazine as one of Alberta’s 50 most influential citizens. g.m@globalphilanthropic.ca
Cheryl Dalwood, MLIS, has over 26 years of fundraising experience with a focus on prospect identification, prospect research, grant research and writing and research training. Cheryl developed extensive government relations expertise, managing community grant and engagement initiatives. She is a member of both AFP and Apra Canada, the Association of Professional Researchers for Advancement. c.d@globalphilanthropic.ca
Peter McKinley, MLIS, has over 24 years of fundraising experience with a focus on pipeline development, campaign planning & execution and donor engagement. Peter has consistently pursued the goal of increasing the level of knowledge about donor capacity and philanthropic intent. A pioneer in the field of prospect research, Peter has built university donor pipelines from scratch. He also proposed, developed and delivered a ground-breaking graduate level course on prospect research and fundraising. p.m@globalphilanthropic.ca
Sue McMaster, Dip. Journalism, has served as Global’s Executive Director of Operations since 2018. She is recognized as a strategic thinker, collaborator, and detail-oriented leader. Sue is a former journalist who has successfully led national and international marketing, communications, and event projects. s.m@globalphilanthropic.ca
